Home Insolvency & Bankruptcy Nod to Rs 148-cr IOCL resolution plan for Mercator Petroleum

Nod to Rs 148-cr IOCL resolution plan for Mercator Petroleum

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Nod to Rs 148-cr IOCL resolution plan for Mercator Petroleum

The Mumbai bench of the Nationwide Firm Legislation Tribunal (NCLT) has authorised the Rs 148-crore decision plan by government-owned Indian Oil Company Ltd (IOCL) for Mercator Petroleum.

As per the decision plan, IOCL pays Rs 135 crore to secured monetary collectors, who had admitted claims of Rs 291 crore. No fee has been supplied for unsecured monetary collectors, who had admitted claims of Rs 118 crore.  The decision plan provides Rs 5.40 crore to operational collectors – distributors, workmen, workers and statutory dues – towards their whole admitted claims of Rs 73 crore.

The CIRP value of Rs 8.7 crore will likely be funded by the decision applicant. Nonetheless, if the CIRP value is in extra of Rs 8.7 crore, then the surplus quantity so paid shall be adjusted towards upfront Secured Monetary Collectors fee.

Earlier, the decision plan for Mercator Petroleum was authorised by the committee of collectors by 100% vote share.

Insolvency course of towards Mercator Petroleum was initiated by Halliburton Offshore Providers Inc, a Cayman Islands-based firm engaged within the enterprise of offering providers within the upstream oil business, in August 2021. Mercator Petroleum, which is engaged in upstream oil business by means of block possession and challenge execution providers, had defaulted on a fee of Rs 2.87 crore.

The acquisition of Mercator Petroleum belongings by Indian Oil Company comes as a giant milestone for IBC as it’s for the primary time a PSU firm has acquired an asset by means of CIRP.

Mercator Petroleum Ltd. (MPL) was an entirely personal subsidiary of Mercator Ltd. (ML). MPL is engaged within the enterprise of Petroleum Exploration, Growth and Manufacturing in India and overseas.

Mercator Restricted (earlier referred to as Mercator Traces Ltd) is Mumbai primarily based Worldwide organisation. As a bunch, Mercator has diversified enterprise pursuits in Coal, Oil & Fuel, Commodity Transportation and Dredging. From humble beginnings, Mercator has diversified from being solely a Transport firm to an Power centered conglomerate.

Additionally See: Indian Oil Company set to amass belongings of Mercator Petroleum

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